The two companies have been locked in a stand-off for months, following Apple's decision to force subscription-based applications through its own app store, instead of the app creators'. The change was implemented two weeks ago, giving Apple control over valuable data about the Financial Times' affluent readers, as well as a hefty cut of its takings.

The Financial Times said: "The FT iPad and iPhone apps will no longer be available to new users through iTunes. We are directing readers to the FT's new web app available at app.ft.com."

However, the parting of ways is a blow to the Pearson-owned Financial Times, which said the app played a significant role in lifting its digital subscriptions by more than a third in the first half of the year.

The newspaper gets around a quarter of its subscription revenues from online. Mobile devices accounted for more than 22pc of FT.com's traffic and 15pc of new subscriptions during the period, largely driven by the iPhone app.

Meanwhile, the launch of the iPad opened up a new market for the Financial Times, because of its popularity among the monied professionals who tend to characterise FT readers.

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Apple gave app creators two months to "put up or shut up" about the change in terms, but the executives could not reach an agreement.

In July, the Financial Times launched the web-based version of its app, which allows readers easy access to the FT website on any device, including the iPad and iPhone, through Apple's Safari browser.

The Financial Times will continue to offer ad-funded apps through Apple's app store, such as an FT Travel app and a forthcoming app for its luxury goods supplement, How to Spend It, which is due to launch in September.